SRS Investment Management LLC Cuts Stake in Atlassian Corporation PLC $TEAM

by · The Cerbat Gem

SRS Investment Management LLC lessened its holdings in Atlassian Corporation PLC (NASDAQ:TEAM – Free Report) by 86.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 137,534 shares of the technology company’s stock after selling 874,054 shares during the quarter. Atlassian makes up about 0.3% of SRS Investment Management LLC’s holdings, making the stock its 21st largest holding. SRS Investment Management LLC’s holdings in Atlassian were worth $27,932,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TEAM. One Wealth Advisors LLC raised its holdings in shares of Atlassian by 56.7% in the second quarter. One Wealth Advisors LLC now owns 4,436 shares of the technology company’s stock valued at $901,000 after buying an additional 1,606 shares during the last quarter. Allianz Asset Management GmbH lifted its position in shares of Atlassian by 28.6% during the 2nd quarter. Allianz Asset Management GmbH now owns 102,194 shares of the technology company’s stock valued at $20,755,000 after acquiring an additional 22,701 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Atlassian by 3.7% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 258,299 shares of the technology company’s stock worth $52,458,000 after acquiring an additional 9,274 shares during the period. Machina Capital S.A.S. increased its stake in Atlassian by 203.0% in the 2nd quarter. Machina Capital S.A.S. now owns 9,376 shares of the technology company’s stock valued at $1,904,000 after purchasing an additional 6,282 shares in the last quarter. Finally, Nicholas Company Inc. boosted its position in Atlassian by 10.0% during the second quarter. Nicholas Company Inc. now owns 227,789 shares of the technology company’s stock worth $46,262,000 after purchasing an additional 20,635 shares in the last quarter. 94.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Atlassian news, President Anutthara Bharadwaj sold 9,847 shares of the firm’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $152.46, for a total value of $1,501,273.62. Following the sale, the president directly owned 242,092 shares in the company, valued at approximately $36,909,346.32. This trade represents a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott Farquhar sold 7,665 shares of the business’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $165.09, for a total transaction of $1,265,414.85. Following the transaction, the director directly owned 22,995 shares of the company’s stock, valued at $3,796,244.55. The trade was a 25.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 581,181 shares of company stock worth $91,738,233 over the last ninety days. 36.66% of the stock is owned by insiders.

Atlassian Trading Up 0.9%

Shares of TEAM opened at $163.26 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.26 and a quick ratio of 1.26. Atlassian Corporation PLC has a 12 month low of $139.70 and a 12 month high of $326.00. The stock has a market cap of $42.96 billion, a PE ratio of -229.94, a P/E/G ratio of 30.51 and a beta of 0.89. The stock’s 50-day moving average is $155.63 and its two-hundred day moving average is $176.08.

Atlassian (NASDAQ:TEAM – Get Free Report) last issued its quarterly earnings data on Thursday, October 30th. The technology company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.21. Atlassian had a negative net margin of 3.38% and a negative return on equity of 7.11%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business posted $0.77 EPS. The firm’s revenue was up 20.6% compared to the same quarter last year. Equities analysts forecast that Atlassian Corporation PLC will post -0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Atlassian from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $240.00 price objective on shares of Atlassian in a research note on Friday, October 31st. Sanford C. Bernstein upped their target price on Atlassian from $290.00 to $304.00 and gave the company an “outperform” rating in a research note on Tuesday, November 18th. Citigroup reaffirmed a “buy” rating on shares of Atlassian in a research note on Wednesday, October 22nd. Finally, Guggenheim started coverage on Atlassian in a research report on Thursday, September 11th. They set a “buy” rating and a $225.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $240.00.

Get Our Latest Research Report on TEAM

Atlassian Company Profile

(Free Report)

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.

See Also

Want to see what other hedge funds are holding TEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlassian Corporation PLC (NASDAQ:TEAM – Free Report).